Basics

Investment can be an ideal option for individuals who want to be financially independent even after retirement.

After working hard for several years, every individual dreams of a happy and secure retired life. This goal is easily achievable if you have accumulated a large sum and are financially independent. One of the best ways to ensure this is by investing your money in several instruments.

Here is how investing in strong instruments can ensure a financially independent retired life.

Grow your money

Saving money is certainly a good way to accumulate a retirement corpus. However, by investing this amount in various instruments, you can grow your money and ensure that you get a larger amount for your retirement. Fixed-income products like bonds, fixed deposits, etc. secure your initial investment and, at the same time, provide a decent return every year.

By investing in various financial instruments, you can grow your money and ensure that you get a larger amount for your retirement.

Diversify your investment

While it is wise to invest your money in fixed-income products when planning your retirement, it makes more sense to invest in a wider variety of products that provides you both safety and growth. Instead of limiting your investments to just fixed deposits and bonds, you can diversify your portfolio by putting money in high-yielding products like gold, stocks, mutual funds, etc. Such diversification can not only ensure that you get high returns, but also secure your post retirement life.

Invest in the right schemes

There are various investment schemes available that can be used specifically to plan your retirement. These schemes can ensure that you get guaranteed returns through out your life. For example, many retirement plans offered by PSU banks in India provide regular income from the age of 40 years on payment of monthly premiums during the pre-retirement period.

If you want to be financially independent even after retirement, investment can be an ideal option for you.

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Today's tip:

It doesn't matter how lucrative an investment opportunity seems. If you don't understand it, steer clear.

Featured tip:

Investment instruments and funds are often rated by expert rating agencies. These ratings could be a good first step in shortlisting your investment options.